Sample questions relating to Eaton Bray leasehold conveyancing
I am in need of some leasehold conveyancing in Eaton Bray. Before diving in I want to be sure as to the remaining lease term.
If the lease is recorded at the land registry - and most are in Eaton Bray - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Due to exchange soon on a ground floor flat in Eaton Bray. Conveyancing solicitors have said that they report fully within the next couple of days. What should I be looking out for?
The report on title for your leasehold conveyancing in Eaton Bray should include some of the following:
- Setting out your legal entitlements in relation to common areas in the building.For example, does the lease contain a right of way over an accessway or hallways?
I’m about to sell my 2 bed apartment in Eaton Bray.Conveyancing lawyers have not yet been instructed but I have just had a yearly service charge invoice – Do I pay up?
The sensible thing to do is pay the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Last month I purchased a leasehold property in Eaton Bray. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Completion in due on the sale of our £175000 garden flat in Eaton Bray next week. The management company has quoted £348 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Eaton Bray?
Eaton Bray conveyancing on leasehold flats normally involves the purchaser’s solicitor sending enquiries for the landlord to address. Although the landlord is under no legal obligation to answer such questions most will be content to do so. They are entitled charge a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the paperwork that you are referring to is £350, in some transactions it exceeds £800. The management information fee invoiced by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, without which the charge is not strictly payable. Reality however dictates that you have no option but to pay whatever is demanded if you want to exchange contracts with the buyer.
I acquired a studio flat in Eaton Bray, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Eaton Bray with a long lease are worth £186,000. The ground rent is £65 charged once a year. The lease finishes on 21st October 2083
With 58 years remaining on your lease we estimate the premium for your lease extension to range between £21,900 and £25,200 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
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